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Cineverse Corp. (CNVS+3.59%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a slight decrease in total revenue to $12.7 million from $13.0 million in the same quarter the previous year. The decrease is primarily due to a decline in other non-recurring revenue.
Direct operating expenses for the quarter increased to $6.3 million from $4.6 million, mainly due to higher manufacturing, fulfillment, and royalty expenses.
Selling, general, and administrative expenses decreased to $6.4 million from $6.8 million, attributed to a change in the company's employment mix.
The company reported a net loss attributable to common stockholders of $1.4 million for the quarter, compared to a loss of $0.4 million in the previous year.
Net cash used in operating activities was $2.4 million for the six months ended September 30, 2024, which included $1.7 million of incremental investment in the content portfolio.
Cineverse maintains a $7.5 million Line of Credit Facility, with $4.6 million outstanding as of September 30, 2024. The facility bears interest at a rate equal to 1.5% above the prime rate.
The company entered into a T3 Loan Agreement, providing for a term loan of up to $3.7 million, with no interest until maturity. The loan is secured by rights and interest in the film Terrifier 3.
Cineverse continues to invest in content development and acquisition, with short-term content advances totaling $10.8 million as of September 30, 2024.
The filing also details the issuance of 208,000 shares of common stock during the quarter, primarily for preferred stock dividends and compensation related to an acquisition.
Cineverse reported an accumulated deficit of $509 million as of September 30, 2024. The company believes its cash and cash equivalents and credit facility will support operations for at least twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cineverse Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.